web3: CRV rises to key resistance area, $0.29 becomes short-term focus

Since early August, CRV has continued to rise, with a monthly increase of nearly 25%. After breaking through the previous consolidation range of $0.18 to $0.21, the price has entered the $0.26 to $0.29 area. This region has repeatedly suppressed rebounds in the past and has once again become the key short-term dividing line.

The $0.26 to $0.29 resistance zone draws attention

Currently, the price is repeatedly encountering resistance in the $0.26 to $0.29 area. The article notes that this has historically been a zone with concentrated large positions, and as the price approaches again, selling pressure is also strengthening. The market has pulled back from this area several times, indicating that selling pressure above remains significant.

Open interest rises to $72.5 million

As the price approaches resistance, CRV's open interest has risen to about $72.5 million. This usually means new positions are entering the market, and funds are starting to reposition around key price levels. Whether the price can hold at these highs and break through effectively will determine whether these new positions continue to push the trend higher or increase the risk of a larger pullback.

Above $0.29 will determine if the rebound can continue

If CRV can consistently hold above $0.29, this means buyers are beginning to absorb the supply above, and the price has a chance to further test the $0.33 level. On the other hand, if this position proves to be resistance again, the price may fall back to the previous retest area after the breakout, namely $0.23 to $0.21.

• $0.29: The most immediate resistance level
• $0.33: If broken, the next target area above
• $0.23 to $0.21: Key support zone after the previous breakout

If the pullback continues to expand, $0.18 to $0.19 remains the main demand zone below, also marking the bottom of the previous consolidation phase. If it fails to hold, the current recovery trend will significantly weaken.